Drive your car to death, save $31,000

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The only vehicle I ever owned that broke down in less than two years was a Honda. It blew an oil seal at around 30K, while one of my grand daughters
was driving it on the interstate and fried the engine. I had to engage an attorney to get it repaired. Honda wanted me to "prove I used the proper grade of oil" since it was serviced by a Lincoln dealership not a Honda dealership. After they put in a new engine I sold it. ;)
mike

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The fact remains people that can afforded to buy new vehicles buy new, people that can not afford to buy new, buy used vehicles.
mike

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Somewhat true, but there is a big middle ground there. Before buying may last car, I looked at a few one or two year old used ones. The selling price was 25% to 30% less than news, but the miles indicated the cars were 25% to 30% used up. IMO, that is a trade off. I was looking in the $25000 to $35000 range.
Cash in hand, it may be a better deal to buy the lower priced used model. If, however, you are going to finance most of the cost, used car loans are much higher than the often subsidized new car loans. I'm paying 1.9%. My credit score is about 800+. If it was 450, I'd be looking at other models and be paying 21%. Even with a good credit score, used loans are 8% or more.
If you can afford say, $300 a month, there is a good selection of both used and new. Better to buy a new Chevy Aveo or a used Lacrosse or Impala?
If you want to pay cash and only have $2000, options are limited.
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Like I said people that can afforded to buy new vehicles buy new, people that can not afford to buy new, buy used vehicles.
mike

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Well Mike - if you said that before, and you're saying it again now, then you're wrong on multiple occasions.
--

-Mike-
snipped-for-privacy@alltel.net
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Sounds like no one is going to change your elitist mind on this one.
For years, Warren Buffet drove a old non descript beater, I can't remember exactly but it might have been an Oldsmobile. But I guess he was not able to afford a new one every two years like a money bags like you, huh? Lately he switched from a Lincoln to a DTS Caddy. http://news.scotsman.com/latest.cfm?id 07622006
Personally, I like investing in things with a positive return rather than new cars, but I don't require an ego boost some get from buying a car.
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In other words you can not afford to buy a new car, right? LOL
mike
wrote:

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I did not want to boast of this fact, but if you are that curious, I have enough investments to buy multiple new luxury cars for cash and have enough left over to pay off my mortgage if I wanted to (but at my low rate I don't). So its just that although I like cars, I enjoy not blowing a lot of money on new ones when I can get great vehicles I like for a lot less cash. It take more car know-how to deal with used vehicles, so for folks who are mechanically inept and paranoid about breakdowns, or those looking to impress they are some of the crowd that frequently buys new cars. No offense to that group, I like them for putting so many good late model used cars on the market after they took the depreciation. FYI, I work advising people about investing money and planning, so I ought to have my ducks in a row. This is why I think you are full of crap with your statement and chose to differ. Anyway, this is not a particularly interesting conversation, later.
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??
This is a dumb statement, anyone with a pulse and a crappy job nearly can buy a new vehicle. I don't consider buying new cars be any indication of financial status, in fact, unless you have a lot of disposable income to blow, its a very poor investment. For a lot of people, the "car" is very important for some status reasons, and they devote a large percentage of their disposable income to paying for, insuring and driving (operating costs) their prestige vehicle.
Some folks choose to have their monies invested in assets that will grow and drive a second hand car. Of course cars are an asset that will be worth much less in a few years and be subject to the harsh realities of road driving. Personally, I find a lot of satisfaction in finding very nice vehicles with a lot of life in them, and buying them for a fraction of their original sticker price, and being quite proud of my "ride". Since late 90's nearly all vehicles are very reliable compared to how it was for 70's and 80's cars - for the most part. New also does not always equal reliable.
I have bought new, FWIW, but drove that car for 13 years. Would I buy new again? In some cases it makes sense, like if you are going to keep it a long time, when the resale on used Hondas is so high that you'd be better off paying a bit more and picking your color and options and getting a long warranty.
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Indeed there are people that buy new that can not afford new, as well. But like I said people that can afforded to buy new vehicles, buy new. People that can not afford to buy new, buy used, but people that can afforded to buy new vehicles can also invest wisely. That is one reason they no longer need not buy used vehicles. LOL
mike
wrote:

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I went and looked at new vehicles and was not impressed. Lets see my newest car is a 1964 and my daily driver is a 1956. Sorry no airbags just alot of metal.: )

http://money.cnn.com/2007/08/30/autos/cr_drive_200k/index.htm?postversion 07083113

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